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• Net profit attributable to shares rose by 79% to CHF206m for 2021
• Dividend per share proposal increased by 20% to CHF0.36 for FY2021
• AuM increased by by 8% to CHF172bn in 2021 and NNM inflow was CHF8.8bn
Companies: EFG International AG
• Net profit increased from CHF34.8bn for H1 20 to CHF106.5m for H1 21
• AuM increased by 8% to CHF172bn at end of June 2021 compared to year end 2020
• The RoTE of 14% for H1 21 is not far away from the 2022 target of above 15%
Net profit attributable to shares increased by 22% to CHF115m
Dividend per share proposal is unchanged at CHF0.30 for FY2020
AuM increased by 3% to CHF159bn in 2020 and NNM inflow was CHF8.4bn
• Net profit rose by 10.5% to CHF34.8m
• AuM decreased by 3.9% to CHF147.8bn at the end of June 2020 compared to year-end 2019 but NNM inflow was CHF4.2bn or 5.5% annualised
• The RoTE of 5.4% for H1 20 is still far away from the 2022 target of above 15%
• Net profit increased by 34% to CHF94m but was below our forecast
• Dividend per share proposal is unchanged at CHF0.30 for FY2019
• AuM increased by 17.2% to CHF153.8bn in 2019 and NNM inflow was CHF5.2bn
• Net profit declined by 31% to CHF32.7m
• AuM increased by 12.4% to CHF147.6bn at the end of June 2019 compared to year-end 2018 but NNM was only CHF0.3bn
• Net profit for H1 19 is clearly below our FY2019 forecast
Some news was released this morning from EFG: 2018 figures, an acquisition in Australia and a new outlook and targets for 2022.
The net result attributable to ordinary shareholders returned to a profit of CHF70m for 2018 compared to a loss CHF60m for 2017. EFG said that the underlying net profit was CHF192m in FY2018 compared to CHF165m in FY2017. Operating income was slightly up by 0.3% to CHF1.15bn for 2018 compared to 2017. Operating expenses declined by 11% to CHF1.06bn in the same period.
Pre-tax profit decreased by 31% to CHF48m for H1 18 compared to H1 17 (restated regarding new IFRS 9). Operating income was down by 12% to CHF570m for H1 18. Operating expenses declined by 6% to CHF530m in H1 18. The tax ratio was 1% in H1 18 compared to 7% for H1 17. The net result attributable to ordinary shareholders declined by 27% to CHF46m for H1 18 compared to H1 17. Assets under Management were flat at CHF142.7bn at the end of H1 18 compared to the end of 2017. Net new money inflow was C
Net result attributable to ordinary shareholders dropped from a profit of CHF339m for FY2016 to a loss of CHF60m for FY2017. 2016 was influenced by some one-off effects such as the CHF531m contribution from the “IFRS bargain gain” on the BSI acquisition, subject to the final purchase price adjustment process. EFG said that the underlying net profit was CHF165m in FY2017 compared to CHF91m in FY2016. BSI’s figures were consolidated from November 2016 onwards. Operating income was up by 58% to CHF
Pre-tax profit decreased by 24% to CHF26m for H1 17 compared to H1 16. Operating income was up by 78% to CHF609m for H1 17. Operating expenses rose by 90% to CHF566m in H1 17. The tax ratio was 20% in H1 17 compared to 23% for H1 16. The net result attributable to ordinary shareholders declined by 14% to CHF19.2m for H1 17 compared to H1 16. Assets under Management were down by 4% to CHF138.4bn at the end of H1 17 compared to the end of 2016. Net new money was an outflow of CHF5.5bn for H1 17 co
Net result attributable to ordinary shareholders increased from CHF57m for FY2015 to CHF339m for FY2016. 2016 was influenced by some one-off effects such as the CHF531m contribution from the “IFRS bargain gain” on the BSI acquisition, subject to the final purchase price adjustment process. EFG said that standalone the underlying net profit was CHF91m in FY2016. BSI’s figures are consolidated from November 2016 onwards. Operating income was up by 4% to CHF722m for 2016 compared to 2015. Operating
Pre-tax profit decreased by 42% to CHF34m for H1 16 compared to H1 15. Operating income was down by 3% to CHF342m for H1 16. Operating expenses rose by 1% to CHF299m in H1 16. The tax ratio was 23% in H1 16 compared to 13% for H1 15. The net result attributable to ordinary shareholders declined by 54% to CHF22.3m for H1 16 compared to H1 15. Assets under Management were down by 3% to CHF80.6bn at the end of H1 16 compared to the end of 2015. Net new money was an outflow of CHF0.1bn for H1 16 com
EFG announced this morning that Swiss banking regulator FINMA has approved the acquisition of BSI and is supporting the acquisition.
However, EFG additional said “EFG International has further taken note of FINMA’s and MAS’ press releases in connection with the BSI-related 1MDB matter. The share purchase agreement with BTG Pactual has an indemnity in relation to these and certain other matters up to the overall purchase price. It was agreed in the share purchase agreement that the indemnity wi
EFG International (EFG) and BSI announced today that they will join forces to form a leading Swiss private bank. EFG has agreed with the BSI owner BTG Pactual the purchase of BSI to be paid in cash for a total of CHF975m, and through the issuance of 52.6m EFG shares to BTG Pactual against a contribution in kind, subject to certain adjustments in case of dilution. As a result of the share issuance, BTG Pactual will have a stake of approx. 20% in EFG International and representation on its board o
Net result attributable to ordinary shareholders decreased by 7% to CHF57m for FY2015. Operating income was down by 3% to CHF697m for 2015 compared to 2014. Operating expenses rose by 5% to CHF604m in the same period. EFG said that reported profit was impacted by exceptional legal and professional charges and provisions, including a payment of $29.9m for the formal resolution of the US Tax Programme. Pre-tax profit decreased by 10% to CHF72.5m for 2015. Assets under management declined by 1% to
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
Urban Logistics REIT (“ULR”) has delivered a solid FY22 performance – deploying capital apace and driving strong returns through active asset management. Earnings and dividend are both in line vs SCMe. EPRA NAV is 190p (+7% vs SCMe); as yield compression came as a bonus. Caution is being exercised in deploying remaining capital, which impacts FY23e earnings only. We upgrade EPRA NAV by 14-20% incorporating some (but not all) recent yield compression. We increase our Target Price to 210p (FY23e E
Companies: Urban Logistics REIT plc
Singer Capital Markets
Companies: H&T Group plc
1 July 2022
Status of this Note and Disclaimer
This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives
Companies: VTU ADME ARCM LVCG MANO NMT PGH SLE
Arrow Exploration (AXL LN)C; Target price of £0.45 per share: Another well delivers flow rate above expectations – The RCS-1 well was flow tested at oil rates of up 1,872 bbl/d (936 bbl/d net to Arrow) of 30 API crude from the C7B sands. The zone was tested for 33 hours at an average oil rate of 1,076 bbl/d (538 bbl/d net to Arrow) with no formation water. Production will start next week at ~1,000 bbl/d (500 bbl/d net) in order to mini
Companies: UKOG TXP SQZ BLOK AOI 88E ZPHR GPRK GPRK CEG AXL
Marlowe delivered an impressive set of FY22A results, with underlying organic revenue growth of 9%, Adj EBITDA margins up 240bps to 18.6%, and Adj EBITDA of £54.4m (ahead of our £50.7m forecast). We make minor updates to our FY23E forecasts (Adj Diluted EPS increases 1% to 49.6p) and release new FY24E forecasts. Given the strength of Marlowe's business model, its defensive nature (non-discretionary products and services; 85%+ recurring revenue), the group's continued positive momentum (including
Companies: Marlowe Plc
Companies: AEW UK REIT PLC
Companies: Honeycomb Investment Trust Plc
Dish of the day
Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators).
No Leavers Today.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan
Companies: VAST TSTL 7DIG AHT CMX JADE
Further to its strategic review, Palace Capital intends to focus on becoming an ESG driven, regional office market specialist. To that end the company has announced a new £46.5m property disposal programme including its entire industrial property portfolio with the proceeds to be reinvested into the office sector. Palace Capital has also announced a buyback for up to 5% of its shares and continues to review its cost base. The outcome of the strategic review is to sharpen the focus on themes mana
Companies: Palace Capital plc
Augmentum Fintech has delivered a strong finish to FY22, with NAV per share up 19% YoY and +9% HoH to 155.2p, driven by both investments and positive fair value changes across the majority of its portfolio companies. The 23% IRR since IPO is above the Group’s 20% Internal Target Return, demonstrating overall attractive investment performance. Post-period end The Group has invested £4.0m in new portfolio company Kenbi and the £43m proceeds from the sale of its stake in ii strengthens AUGM’s cash
Companies: Augmentum Fintech
Companies: ATOM D4T4 LINV
The final decision on CRB III (see below) on streaming revenues is positive for Songwriters, Music publishing and Hipgnosis (SONG). The decision will result in addition revenues being paid to SONG over the coming periods. We view the ruling as positive and evidence of a continuing shift in the understanding of the value of a Songwriter’s contribution to a hit record and the willingness of industry stakeholders to recognise it. YTD SONG has de-rated significantly and currently trades on a 23.8% d
Companies: Hipgnosis Songs Fund Limited Shs GBP
Stocks in focus this week are Personal Group, Johnson Service Group, Capita and Mears
Companies: Personal Group Holdings Plc
NextEnergy Solar Fund’s (NESF) full-year results show a 15% growth in NAV resulting from better pricing and new asset growth. The fund has been working hard to diversify its asset growth opportunity with battery storage in the UK and more international exposure through its commitment and co-investment opportunity with the NPIII private fund. From a strong start the fund is showing continued progress into the current year.
Companies: NextEnergy Solar Fund Ltd